dpa-AFX Compact

Original-Research: beaconsmind AG (von NuWays AG): BUY

16.11.2023
um 09:01 Uhr

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Original-Research: beaconsmind AG - von NuWays AG

Einstufung von NuWays AG zu beaconsmind AG

Unternehmen: beaconsmind AG
ISIN: CH0451123589

Anlass der Studie: Update
Empfehlung: BUY
seit: 16.11.2023
Kursziel: EUR 13,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald

Further acquisitions conclude strategic realignment; chg.

After amending the financial year towards the calendar year, beaconsmind
reported a solid set of H1 results, which was mainly driven by the latest
acquisitions of Frederix (closed 02/23), Netopsie (02/23) and Socialwave
(04/23):

H1 sales increased significantly by 165% yoy to CHF 2.7m, but still fall
slightly behind our estimate of CHF 3.1m, as we expected earlier closing
dates of the acquisitions. We still estimate that the acquired companies
accounted for c. 85% of H1 revenues.

H1 EBITDA strongly improved from CHF -1.5m in H1'22 to CHF -0.5m. The
improvement was mainly driven by already visible synergies leading to
significantly reduced personnel expenses and other OpEx which compensated
for M&A related one-off expenses.

Apart from the earnings release, the company announced two further M&A
transactions: With the acquisition of KADSOFT Computer GmbH ("Kadsoft") and
T2 vertrieb GmbH ("T2") beaconsmind strengthens the newly implemented
Infrastructure segment. While Kadsoft specializes in designing,
implementing, and commissioning new IT systems, T2 is specialized in the
installation and expansion of TC systems and adaptation of existing TC
systems. Both companies were acquired for a combined purchase price of EUR
3.0m, which was paid via a combination of cash (EUR 1.6m) stemming from the
company's cash capital increase in October and a capital increase in kind
as 300k new shares issued to the sellers with a customary lockup (eNuW: 12
months). Both companies provide a combined revenue run rate of EUR 3.2m and
an EBITDA of EUR 0.6m ex synergies. As the closing for both deals is expected
for November, this is seen to be fully captured in the FY'24e annual
figures.

With the acquisitions beaconsmind concluded its strategic transformation
into two synergetic segments: Infrastructure (Frederix, Netopsie, Kadsoft &
T2) and Software/SaaS (Socialwave, beaconsmind). The 2024e revenue run rate
increases to CHF 12.6m. Further details on the transaction as well
as the outlook will be provided in the following pages.

Based on the promising outlook we reiterate our BUY recommendation with a
new PT of EUR 13.00 (old: EUR 25.00) based on DCF. -continued-

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28299.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.

Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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Beaconsmind AG

WKN A2QN5W ISIN CH0451123589